the kelowna rennie advance | March 2024

the kelowna rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE CENTRAL OKANAGAN

published March 2024

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in the Central Okanagan. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO 03 SALES 04 NEW LISTINGS 05 INVENTORY 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

Copyright © March 4, 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of March 4, 2024. All data from Association of Interior REALTORS® & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2

highlights • TheCentralO kanagan recorded 211 M LS salesin February,up from January’s173.Thiswasthe lowestFebruarysalescountin thepastten years,17% les than in February2023,and 42% below thepast-decadeFebruary average. • The22% increasein saleslastm onth w asles than thetypicalJanuary-to-February expansion of 48%.Thatsaid,salesdid riseforal hom etypes:detached hom esby20%,townhom esby47%,and condosby11%. • February’scountoftownhom esaleswasactualyhigherthan in February2023,by7%,while detached hom eand condosaleswereles than oneyearagoby22% and 21%,respectively.

CENTRALOKANAGAN THERENNIEADVANCE sales

FEBRUARY 2024

500

- 22% vsFeb2023

400

300

191 10 yrFebAvg

200

DETACHED sales

100

103

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 46% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

+ 7% vsFeb2023

200

150

70 10 yrFebAvg

100

TOWNHOME sales

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 33% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

- 21% vsFeb2023

300

250

200

103 10 yrFebAvg

150

100

CONDO sales

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 40% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

Copyright© March4,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofMarch4,2024.Aldatafrom As ociationofInterior REALTORS® & Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieand as ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Therewere806new M LS listingslastm onth.Thisrepresented a48% jum p com pared with January— doublethem oretypicalJanuary-to-Februaryincreaseof24% .N ew listingswerealso 27% higherthan oneyearago,and were121% higherthan thepast-decadeFebruaryaverage. • O n am onth-over-m onth basis,new listingsforal hom etypeswerehigher:detached listingswere up 36% (to378),townhom elistingswereup 66% (to166),and condolistingswere57% (to262). • O n ayear-over-yearbasis,detached,townhom e,and condo new listingswereal higher(by13%, 51% ,and 39% ,respectively).

CENTRALOKANAGAN THERENNIEADVANCE new listings

FEBRUARY 2024

800

+ 13% vsFeb2023

700

600

500

400

368 10 yrFebAvg

378

300

200

DETACHED new listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100

+ 3% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

+ 51% vsFeb2023

300

250

200

122 10 yrFebAvg

150

166

100

TOWNHOME new listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 36% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

+ 39% vsFeb2023

300

250

262

200

179 10 yrFebAvg

150

100

CONDO new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 47% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

●

highlights • Therewere2,020 activeM LS listingslastm onth.The13% increasefrom Januarywasm orethan thetypicalseasonalincreaseof8% ,with end-of-m onth listingssiting 21% abovethepast-decade Februaryaverageand 22% higherthan oneyearago. • O n am onth-over-m onth basis,inventoryforal hom etypesgrew:fordetached hom esitwasup 11%,fortownhom es13%,and forcondos19%.O n ayear-over-yearbasis,detached,townhom e, and condo inventorieswereal higher(by19%,33%,and 23%,respectively). • O veral m arketconditionsfavoured buyersin February,with 9.6 m onthsofinventory(M O I).The detached hom eand condo segm entsfavoured buyers,with M O Isof10.4 and 9.6 (respectively), whilethetownhom esegm entwasbalanced,with an M OIof7.8.

CENTRALOKANAGAN THERENNIEADVANCE inventory

FEBRUARY 2024

+ 19% vsFeb2023

1,000 1,250 1,500 1,750 2,000

941 10 yrFebAvg

1,070

250 500 750

DETACHED inventory

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 14% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

600

+ 33% vsFeb2023

500

400

367

300

287 10 yrFebAvg

200

TOWNHOME inventory

100

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 28% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

800

+ 23% vsFeb2023

700

600

583

500

400

443 10 yrFebAvg

300

200

CONDO inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100

+ 32% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

●

highlights • O n am onth-over-m onth basis,theCentralO kanagan saw no changein m edian sold prices (averaged acros hom etypes).Thedetached hom em edian sold priceincreased in February (from January)by10%,whiletownhom epriceswereunchanged and condopricesweredown by10%. • O n ayear-over-yearbasis,m edian sold pricesw erelow erby 1.5% ,on average,acros types.In February,them edian sold pricesfordetached hom esand townhom eswerelowerby1.8% and 7% (respectively)com pared tothatofFebruary2023,whilecondoswere4% higher. •

CENTRALOKANAGAN THERENNIEADVANCE median prices

FEBRUARY 2024

$1,200,000

Central Okanagan

$1,000,000

$965,000

$800,000

$600,000

- 2% vsFeb2023

$400,000

DETACHED median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● February

$1,000,000

Central Okanagan

$800,000

$600,000

$658,000

$400,000

- 7% vsFeb2023

TOWNHOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● February

$600,000

Central Okanagan

$500,000

$452,000

$400,000

$300,000

+ 4% vsFeb2023

$200,000

CONDO median salesprice

$100,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● February

●

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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